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In the aftermath of the cold war, the economies of the former Soviet bloc have been tied to these of western nations. Many thought that this financial interdependence would assure peace, eliminating the potential for conflict. The result has been far different from was imagined in these heady days of 1989. It’s actually true that economies all around the world are more and more chained collectively. But there was a dawning awareness, sharpened by the Asian meltdown of 1997, that no chain is any stronger than its weakest link. Elevated linkage in such a fragile, fractious global atmosphere has made prosperous western nations more vulnerable than ever earlier than.

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